Visa aims to introduce its own crypto wallet

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  • Financial Giant Visa has registered various crypto-related trademarks.
  • Visa promises its users to create an engaging virtual environment for them.
  • Past events represent the organization’s interest in the virtual currency industry.

What is visa planning for?

The CEO of financial services giant Visa, Alfred Kelly, expresses his vision to deepen the crypto industry. On October 27, Visa filed various crypto-related trademark applications. In a recent Visa study, 73% of small businesses agreed that enabling new forms of digital payments is crucial for growth in 2022.

USPTO Registered Trademark Attorney Mike Kondousdis posted on twitter-

“Visa has filed 2 trademark applications claiming plans for: (Digital, Virtual and Cryptocurrency Transaction Management) + (Digital Currency + Cryptocurrency Wallets) + (NFT + Virtual Goods) + Provision of a virtual and more.”

According to the filings, they develop their software to control virtual, digital and cryptocurrency transactions, including crypto wallets. There were also measures to audit blockchain assets, utility tokens, and crypto. The mark will be used in software “to display, access, store, monitor, manage, exchange, send, receive, transmit and trade” cryptos and NFTs.

The CEO said Visa tends to “work with wallets and exchanges” on digital currency management, with a view to creating its own card technology solutions compatible with digital tokens. The company has also partnered with several crypto companies to offer credit and debit cards tied to crypto payments.

Visa plans to provide its customers with a “recreational, leisure, or entertainment purpose” in which users can log into the metaverse. Kelly also pointed out that he has already entered into 35 partnerships, for example with BitPanda, Crypto.com, BlockFi, etc.

Where did it all start?

The CEO says, “We consider all (cryptocurrencies) to be digital gold. They are mainly held as assets which are not used as a form of payment in any significant way at this stage. Our strategy here is to work with wallets and exchanges to allow users to purchase these currencies using their Visa credentials or cash out on our Visa credentials to make fiat purchases.

Few reports indicate that there are even more than a billion Visa cards in circulation worldwide. Previously, along with big companies like Paypal, Western Union, Mastercard filed two, three and fifteen trademarks respectively with the USPTO (United States Patent and Trademarks Office) for various crypto services.

In August 2021, Visa spent $150,000 to bring CryptoPunk. Visa head of crypto Cuy Sheffield, who is an avid NFT collector, said, “This is just the beginning of our work in this space.” Additionally, in March 2021, Visa launched a pilot program allowing its partners to use USD Coin to settle fiat transactions.

In collaboration with FTX, FTX accounts linked to Visa debit cards are now available in 40 countries, initially in Latin America, Europe and Asia, with additional launches in other regions in mid-2023.

Steve Anderson
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